Explain the limitations on the powers of the board with regard to borrowing
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Explanation:
Restrictions on Powers of Board to Borrow Money as per Section 180 of Companies Act Along with Ultra Virus Borrowings. As per the provisions of section 180 of the companies act provides the rules regarding the restriction on power to borrow by the board of director
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Explanation:
No debt incurred by the company in excess of the limit imposed by clause (c) of sub-section (1) shall be valid or effectual, unless the lender proves that he advanced the loan in good faith and without knowledge that the limit imposed by that clause had been exceeded.
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